LifeCo to Restart Operations

Libya’s National Oil Corporation (NOC) has said it had restored natural gas supply to the Libya Norwegian Fertiliser Company (LifeCo).

In a statement, the NOC said that factory operations are expected to restart shortly.

The announcement follows discussions led by NOC’s chairman, Mustafa Sanalla, with LifeCo’s shareholders, the Libyan Investment Authority (LIA), and Norway’s Yara International ASA.

LifeCo shareholders have agreed on a number of measures to restore operational continuity and protect jobs, including the restoration of gas supply and NOC assuming control of the marketing of ammonia and urea fertiliser products.

Mr Sanalla commented:

“This breakthrough agreement will protect the interests of the Libyan state as well as the jobs of LifeCo employees. NOC will use all of its talents and experience to market these products and restore the company’s financial security.

LifeCo is a joint venture enterprise formed in 2009. Yara holds 50 percent of the shareholding, with both NOC and the LIA each owning 25-percent stakes.

In January, the NOC confirmed the suspension of natural gas supply to LifeCo pending settlement of unpaid debts.

(Source: NOC)

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